China's stocks close lower Monday

16:46, November 29, 2010      

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China's stocks closed lower on Monday as the heavy weights dropped on liquidity concerns.

The benchmark Shanghai Composite Index dropped 0.19 percent, or 5.34 points, to close at 2,866.36.

The Shenzhen Component Index edged down 0.02 percent, or 2.46 points, to end at 12,536.55.

Combined turnover shrank from Friday's 270.32 billion yuan (40.3 billion U.S. dollars) to 260.7 billion yuan.

Heavy weights, including nonferrous metal producers, coal companies and securities firms, declined after the China Securities Journal reported the consumer price index, a major gauge of inflation, would peak in Novermber for the year.

Zijin Mining Group Co., China's largest gold producer, dropped 2.39 percent to 8.18 yuan per share. China Shenhua Energy Co. Ltd., the country's biggest coal producer, lost 1.9 percent to 24.69 yuan.

Securities firms also retreated as government moved to control commodity prices and crackdown on futures speculations to dampen rising inflation. Industrial Securities Co., Ltd. dropped 4.4 percent to 16.89 yuan. GF Securities Co. Ltd. slid 2.96 percent to 46.85 yuan.

Li Daokui, a member of the central bank's monetary policy committee, told a forum on Saturday that the present monetary policy would definitely change in the coming years.



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